During the season, Ron Guidry became the last pitcher to win at least 25 games in one season for the Yankees in the 20th century.[5] Guidry won the Cy Young Award by unanimous vote. In 273 2/3 innings, he compiled a record of 25-3, with 248 strikeouts, 1.74 ERA, and 9 shutouts.

In July, the team was 141⁄2 games behind the Boston Red Sox, but rallied in the second half of the season to finish tied for first place. The Yankees were victorious over the Red Sox in the one-game playoff for the AL East title. This game featured Bucky Dent's famous 3-run go-ahead home run in the 7th inning.